Rhode Island: Energy Wise Loan Program
| Loan Features | Current Interest Rates |
| Eligible Measures | How to Apply |
National Grid has partnered with RISE Engineering and Energy Finance Solutions to offer customers a
special 5.99% (5.99% APR) interest rate for eligible energy efficient improvements. This program is
available to customers
of National Grid whose primary heating source is oil, electricity, propane,
or wood. Be sure to act fast, this loan program is for a limited time only.
Loan Features
Key features of an EFS loan:
What if your contractor is not approved?
- Residential owner-occupied single-family and duplex homes
- Applicant's primary heating source must be oil, electricity, propane or wood.
- Unsecured loan (homeowner provides no collateral)
- Borrowers can finance $2,500 - $5,000
- Fixed rate loan terms available: 3, 5, 7 and 10 years
- No fees, points, or closing costs
- No prepayment penalty
- Can finance 100% of installation costs
- Quick approval process - usually 30 minutes or less
- Approved contractors only. Your installation must be performed by RISE Engineering or by another Rhode Island registered home improvement contractor.
Please advise your contractor to visit our Contractor Participation page to find information on how to become approved.
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Current Interest Rates
Limited time only.
Interest Rate Annual Percentage Rate (APR) 5.99% 5.99%
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Eligible Measures
The EnergyWise Loan Program is designed to promote the installation of high efficiency measures, making your home more energy efficient. Therefore, all measures to be installed must meet minimum efficiency requirements to be eligible for financing. The following list provides you with the efficiency requirements of all measures eligible for financing.
Building Shell Type Minimum Efficiency Requirements Insulation (attic, wall, floor,
band joist, basement, crawl space)State code and efficiency requirement Air Sealing Fill to Capacity Movable Window Insulation R-3 Any costs associated with the installation of the insulation, such as moisture barriers or attic venting, are eligible for financing.
Blower door test and major air sealing are eligible for financing.
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How to Apply
Before you select one of the four options below please download the document, " 6 Easy Steps". 6 Easy Steps is a simple step by step instruction guide designed to assist you through the loan process.
If you have obtained an EnergyWise audit from RISE Engineering and are ready to submit a full application -- you can fill out the online pre-approval application.
A) Print the application
Click here to download the credit application. Please note the credit application is not a contract for a loan nor does it lock you into any commitment with a contractor. The credit application will allow us to proceed with your request for a loan to finance your improvement(s).B) Request an application packet by mail
You may request an application packet by mail by calling 1.800.600.7066.C) Apply online
If you have an accepted bid from an approved contractor and are ready to submit a full application or you have already been pre-approved and would like to complete the application - you can fill out the credit application online.If you apply online, a loan representative will contact you within a few hours to inform you of the loan decision. You will also be notified by mail.
D) Apply by phone
You may call 1.800.600.7066 to obtain a pre-approval by phone.In order to fully process your loan, you will need to mail or fax the following information in addition to the Credit Application:
- Copy of contractor's bid for the eligible home improvements. (The bid needs to be signed by the contractor and homeowner, list the eligible improvements, and indicate the total cost.)
- If your loan is over $4,000, you may need to provide proof of income. (Recent paystub showing year to date income, or if self-employed, provide a copy of the most recent federal tax returns)
Submit to:
Energy Finance Solutions
431 Charmany Drive
Madison, WI 53719
Fax: 608.249.5788
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